澳洲会计学课程论文2Word文档下载推荐.docx
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1.0ExecutiveSummary3
2.0Introduction3
3.0KeyObjectives4
4.0Theoreticalbackground4
5.0Researchmethodology4
6.0Researchfindings5
6.1Geographicalcomparison5
6.1.1EuropeanUnion5
6.1.2TheUnitedStates5
6.1.3Canada6
6.1.4Korea6
6.2ComparisonofadoptingIFRSbeforeandafterthecrisis6
6.2.1AdoptionofIFRS–thecasesoftheUnitedStates6
6.2.2.Korea7
7.0ResearchLimitations8
8.0ConclusionandRecommendations8
9.0References9
10.0Reportreflection10
1.0ExecutiveSummary
ThisreportstudiesthefinancialstatementofWoolworthsandprovidesavaluationforthecompany,applyingtheapproachsuggestedinthecorporatefinanceliterature,forinstance,BredleyandMyers(2003).EmpiricalanalysisshowedthatWoolworthsisadefensivestockbyapplyingregressionanalysistothemarketreturns.Basedonthemarketdata,thefairvaluationofthefirmisA$xx.Comparedtothecurrentmarketprice,itisxx%above/belowthefairvaluationbasedonassumptionsdrawnfromhistoricalmarketdataandfinancialreports.Thefirmisthereforeundervalued/overvalued.
2.0Introduction
Thissubmissionservesforseveralpurposes.HistoricalpricedataofthecompanyandtheboardmarketindexaredrawnfromYahoo!
Financetoclassifywhetherthestockisdefensiveorriskyfromtheirhistoricalreturns,basedonthecapitalassetpricingmodelproposedbySharpe(1963).Basedontheslopeobtainedfromtheregressionanalysis,thecostofequityisdeterminedintheprecedingsection.
3.0Determinethecostofequityforthefirm
Todeterminethecostofequityofthefirm,atypicalapproachistoconsidertheuseofcapitalassetpricingmodel
4.0CashFlowForecasts
Todeterminethevalueofthefirm,anecessarystepistoforecastthefuturecashflow.Basedonthepro-formafinancialstatementsrebuiltintheprevioussection,thefreecashflowanalysiswillfollowtheapproachsuggestedbyDamodaran(2007)andxx(2003).
5.0Researchmethodology
Thissessionoutlinestheresearchmethodologiesusedinthissubmission.Firstofall,asetofregionswillbestudiedinthisreporttogiveanoutlookonthepaceofimplementationofIFRSaroundtheglobe.Next,thissubmissionstudieswhethertherehasbeenchangedinadoptingIFRSbyinvestigatingthecorporations,regulatorybodiesandinvestors.DevelopingregionsanddevelopedeconomieswillbecomparedinadoptingIFRSsoastocomparethefactorsaffectingthepaceofadoptingIFRS.
6.0Researchfindings
6.1Geographicalcomparison
6.1.1EuropeanUnion
EuropeanUnionhasmovedtheaheadinadoptingIFRScomparedtoothercountries.InJune2000,theEuropeanCommissionpublishedthedocument,EUFinancialReportingStrategy:
TheWayForward,whichsuggestedthatallpubliclylistedcompaniespreparetheirconsolidatedaccountsinaccordancewithIASby2005.Giventhescaleofthepledge,morethan9,000listedcompaniesarenowusingIFRSwhengeneratingtheirconsolidatedfinancialstatements,accordingtostatisticscompiledintheDanske’s(2006)research.
Inaddition,memberstatesoftheEuropeanUnion(EU)allowcompaniestouseIFRSforcorporateincometaxstatements.Today,mostEUcountriesrequirecompaniestogeneratereportsthatareincompliancewithlocalGenerallyAcceptedAccountingPrinciples(GAAP)fortaxpurposes,butthosereportsdon’thavetobeincompliancewithIFRS.Inpractice,companiesmaybeimplementingIFRS,aslocalGAAPguidelinesincreasinglyconvergewithIFRS.
6.1.2TheUnitedStates
TheSecuritiesandExchangeCommission(SEC)wasasupportertowardsauniformaccountingstandardintheworld.TheysuggestedofficiallythatUScorporationsshouldadoptIFRSbytheendof2014.However,theyhaveturnedtheirviewtotheoppositesideafterthefinancialcrisis.TheambiguoustreatmentmethodsonspecialproposevehicleandcreditinstrumentsremainedtheconcernofSECofficialsonadoptingIFRSforUScorporations.Moreover,theysuggestedthatitincurredahugecostforcompaniestochangetheaccountingmethod.
6.1.3Canada
TheCanadianAccountingStandardsBoardmadeamajorchangein2005.TheydecidedtoadoptIFRSratherthantheU.S.GAAP.Theboardhasannouncedafixeddeadlineof2011forcompaniestoadoptIFRSin2007.IFRSwillberequiredforinterimreportsforpubliclistedcompanies.
6.1.4Korea
AdomesticversionoftheGenerallyAcceptedAccountingPrinciples(GAAP)hasbeenadoptedbyKoreancompaniesbeforetheAsianFinancialCrisisatthedawnofthelastdecade.However,theInternationalMonetaryFund(IMF)advisedKoreancompaniestoimprovetransparencyinaccounting.EversincethesuggestionbytheIMF,Koreancompanieshaveinvestigatedtointegratetheirfinancialstatementstointernationalstandard.TheystartedplanningandcametoadoptIFRSgradually.
6.2ComparisonofadoptingIFRSbeforeandafterthecrisis
6.2.1AdoptionofIFRS–thecasesoftheUnitedStates
WiththegreenlightfromtheSEC,U.S.corporationswerewelcometothenewaccountingstandardsinsteadofU.S.GAAP.Withtheintensificationoftheglobalization,moreandmoreU.S.corporationsseekbusinessfromoverseas.OverseasinvestmentsaccountforanincreasingportionoftoplineandbottomlineofthefinancialstatementsforUScorporations.AccordingtoasurveydonebytheU.STreasury,overseasequityinvestmentshowedabigjumpinthisdecade.EquityinvestmentinEuropedoubledin3yearstimebetween2003and2006.Therefore,therewasanurgentneedforthemtoadoptIFRStogiveinvestorsmoretransparencyontheirfinancialpositions.
Beforethefinancialcrisis,theSECtookanaggressivepositionontheharmonizationofIFRS.ItofferedaroadmaptomigrateGAAPtoIFRSthatwouldleadtoallpubliccompaniesreportingunderIFRSby2014.MultinationalcompaniesweregivenpermissiontoadoptIFRSbeforethepurposeddeadline.
However,inarecentspeechbySECDirectorofCorporateFinance,White,heclaimedthattheIFRSshouldnotbeconsideredastheuniversalaccountingstandard.Inhisspeech,White(2008)commentedthatHealsocommentedthattheSECcannotsee‘asinglerationaleforwhytheCommissionshouldbelookingatIFRSforU.S.companies’.Thisindicatedthatwithoutastrongsupportfromtheregulatorybody,UScorporationssteppedbackwardtoafurtherintegrationofaccountingstandardsafterthecrisis.
Raisingconcernsfromthecorporatesidehavebeenspottedontheplanfromthecorporateside.Accordingtoasurveyconductedin2008tofinancialprofessionals,closetohalfofrespondentsquestionedaboutthecurrenttimelineofimplementingIFRS.Additionalcostsincurredinthepreparationoffinancialstatements,togetherwitheconomicslowdown,madecompanies’burdenheavier.TherehasbeenheateddebateamongaccountingprofessionalsandotherstakeholdersaboutthefinancialreportingqualityandtheadditionalcostsincurredbycorporationsinadoptingIFRS.Fuelledbythefinancialcrisis,extracostsinadoptingIFRSbecomesthemajorconcerninbudgetplanningintheU.S.corporations.
6.2.2.Korea
Koreasetsanexampleofhowintegrationofinternationalaccountingstandardpickupitspaceinspeedaftertheglobalfinancialcrisis.AccordingtotheAssociationofKoreaListedCompanies,almosttwo-thirdofpubliclistedcompanieshascompletedtheirinternalinvestigationtotheimplementationofIFRS.By2011,financialcompanies,suchasbanks,insurancecompaniesandbrokeragefirmshaveobligedtopublishtheirfinancialstatementsincompliantwithIFRS.
7.0ResearchLimitations
ThissubmissioncomparesthepaceofadoptingIFRSinvariousregionsintheworld.OuranalysisislimitedtostudyingtheimplementationsofIFRSinaselectedsamplesetofcountriesonly.AsmentionedinSlettenandRamanna(2010),accountingstandardsrepresentequilibrium,andtheyco-developwitheconomic,political,andculturalinstitutions.(Hail,Leuz,andWysocki,2009).Culturalfactorsandshareholdingstructuresshouldalsobetakenintoconsiderationwhenthistopicisstudied.
8.0ConclusionandRecommendations
Fewwilldisagreethattheconsensusofreachingsomeformofuniformaccountingstandardisessentialforthehealthydevelopmentofbusinesscommunity.Exactlyhowmuchisalong-unresolvedissue.Andfewwoulddisputethatwideningglobalizationofmarketsandpoliticsimpliessomenarrowingofruledifferencesamongnations,thoughheretootheoptimaldegreeofuniformityisfarfromclear.Thedegreeofharmonization,however,dependsonthetangibleeconomicbenefitsofcorporationsbyadoptinguniformaccountingstandardsintheregion.
9.0References
Choi,F.,FrostD.S.,andMeek,G.K,(1999)‘InternationalAccounting’,NewYork:
PrenticeHall,UpperSaddleRiver.
Clarkson,P.,J.GuedesandR.Thompson(1996),‘OntheDiversification,Observability,andMeasurementofEstimationRisk’,JournalofFinancialandQuantitativeAnalysis,March,pp.69-84.
Daske,H.(2006)‘EconomicBenefitsofAdoptingIFRSorUS-GAAP–HavetheExpectedCostofEquityCapitalReallyDecreased?
’JournalofBusinessFinance&
Accounting,33(3)&
(4),pp.329–373
Diamond,D.W.andR.E.Verrecchia(1991),‘Disclosure,Liquidity,andtheCostofCapital’,JournalofFinance,Vol.46,No.4,pp.1325-1359.
Hail,L.,C.Leuz,andP.Wysocki.(2009).‘GlobalaccountingconvergenceandthepotentialadoptionofIFRSbytheUnitedStates:
Ananalysisofeconomicandpolicyfactors.’WorkingPaper,availableonSSRN.
Lawrence,S.(1996),‘InternationalAccounting’.London:
InternationalThomsonBusinessPress.
Ramanna,K.,andSletten,E.(2